Dear Sir
please suggest Mr.A is not filed income tax return because his annual income is less then 250000/-but he is saving every year Rs.60 thousand to 70 thousand ( in saving account)per year from since 2005. in 2012 he was made fd from bank Rs.5 lac and one fd in year 2020 RS. 8 lac and now again in year 2021 he made Fd Rs 2 Lac all fd renewal in every year. So can Mr.A face any issues from IT department and can these transcation reflect in Mr A 26As under SFT.
kindly asvise
What is the source of amount utilized for FD? Also as there will be TDS deduction on the interest earned on FD provided declaration u/s 197/197A has not been given. So return should be filed to claim refund.
if the source is an exempt income such as funds from relative then there will not be any issue. Otherwise due to pre filling of data of interest, it may come into notice of department.
CAclubindia
